Thursday, April 01, 2010

Important statistical development: ordinary least squares a mistake

In an important new development, an archivist in the University of Gottingen has discovered a "typo" in a manuscript by Gauss. It transpires that he actually proved that OLS is neither unbiased nor efficient thus rendering 99.5% of econometrics invalid.


Gerard O'Neill said...

I knew this was going to happen. I read it in my horoscope yesterday ;-)

Kevin Denny said...

& they say astrologers exist to make economists look good - or is it the other way round?